OMV Finds New Oil Reservoir at Romanian Black Sea Offshore Well

Austrian OMV announced that it had found a new oil reservoir in Romania's Black Sea shallow-water Istria XVIII offshore perimeter.

The reservoir identified at exploration well Marina 1 was reported to have a production potential of 1,500 to 2,000 barrels of oil equivalent per day (boe/d), according to reports of OMV Petrom, as cited by money.bg.

OMV Petrom made clear it was to evaluate the results of the Marina 1 well and assess its commercial viability in the next few months, with production expected to start in 3-4 years in the case of a positive evaluation.

The oil company informed that starting oil production at the site would require an investment of over EUR 100 M.